1290 Retirement FundsSeptember 2019

1-888-310-0416 www.1290funds.com

Retirement planning may be as easy as asking yourself,

“When do I plan to retire?”

Select the 1290 Retirement Fund that lines up with your retirement date, and we’ll take it from there.Retirement planning may be easier than you think, especially if you select one of the nine 1290 Retirement Funds, managed by 1290 Asset Managers. Each fund comes with a specific retirement target date and is guided by a strategic risk-management discipline which automatically shifts their allocation to anticipate the investor’s risk tolerance at different stages of life. This shift is often called a “glide path” and means that, with investments that adjust over time, you’ll have an age-appropriate balance between capital growth (equity investments, such as stocks) and capital preservation (fixed-income investments, such as bonds) as you approach and enter retirement.

You make one decision. It’s that easy.With a 1290 Retirement Fund, you simply choose the fund that best corresponds to your expected retirement date. If you’re planning to retire in 2030 at age 65, choose 1290 Retirement Fund 2030. After that, the risk-management discipline takes over. That can simplify your investing – all the way to retirement and beyond.

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September 2019 Simplify your retirement planning

Selecting the right fund – for Jane

Let’s say Jane is 35 years old today (born in 1984) and is planning to retire at age 65 (around year 2050). With 30 years until retirement, she would choose 1290 Retirement Fund 2050. Because she’s so far from retirement, her asset allocation is close to 90% equities/10% fixed-income.

If you were born in: Then invest in Retirement Fund for this target date*

1953-57 2020

1958-62 2025

1963-67 2030

1968-72 2035

1973-77 2040

1978-82 2045

1983-87 2050

1988-92 2055

1993 or later 2060

*Assumes expected retirement at age 65.

Keep in mind

� The allocation glide path assumes that the expected retirement year occurs at age 65; however, don’t select a fund solely on the basis of your age or the target year.

� These funds are not designed for a lump sum redemption at the target year and do not guarantee a particular level of income.

International EquityDomestic Equity Fixed Income

1290 Retirement Funds: How asset classes shift over time

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

15

1055

10

15

20

25

30

35

40

45

Retire

men

t

Fixed Income

Years to Retirement Years after Retirement

Domestic Equity

InternationalEquity

20

Note: Target allocations are as of September 30, 2019, subject to change.

How the glide path works

As Jane gets older (and closer to retirement), her fund will slide down the glide-path, allocating fewer assets to equities and more to fixed-income as her allocation becomes more conservative. At age 55, for example, she’s 10 years from retirement and has an allocation close to 70% equities/30% fixed-income. At retirement (age 65), her allocation is 50% equities/50% fixed-income. As she begins taking retirement income, her fund continues down the glide-path until it finally levels out 10 years after retirement at 20% stocks/80% bonds, with a relatively stable mix and a focus on supporting an income stream for the long-term.

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September 2019 Simplify your retirement planning

16%

37% 47%

2020 Fund

19%

43%38%

2025 Fund

22%

49%29%

2030 Fund

23%

53%24%

2035 Fund

25%

56%

19%

2040 Fund

26%

60%

14%

2045 Fund

27%

64%

9%

2050 Fund

29%

67%

4%

2055 Fund

30%

70%

2060 Fund

1290 Retirement Funds: Target Allocations International Equity

U.S. Equity

Fixed Income

As of 9/30/2019.

Holding 2020 2025 2030 2035 2040 2045 2050 2055 2060

iShares Core S&P Total US Stock Market ETF 18.53% 21.48% 24.55% 26.31% 28.28% 29.86% 31.59% 33.25% 34.45%

iShares Edge MSCI Min Vol USA ETF 6.05% 6.91% 8.00% 8.56% 9.32% 10.07% 10.65% 11.21% 11.98%

Invesco S&P 500 Low Volatility ETF 6.14% 7.01% 8.06% 8.70% 9.54% 10.03% 10.80% 11.51% 12.23%

Invesco S&P MidCap Low Volatility ETF 3.29% 3.95% 4.63% 4.91% 5.04% 5.30% 5.68% 6.03% 6.16%

Invesco S&P SmallCap Low Volatility ETF 1.62% 1.74% 1.99% 2.23% 2.18% 2.48% 2.49% 2.71% 2.88%

SPDR SSGA US Small Cap Low Volatility Index ETF 1.56% 1.87% 2.12% 1.97% 2.22% 2.39% 2.54% 2.66% 2.76%

iShares Core MSCI EAFE ETF 6.55% 8.03% 9.29% 9.77% 10.09% 10.66% 11.29% 11.79% 12.29%

iShares Edge MSCI Min Vol EAFE ETF 3.28% 3.99% 4.43% 4.97% 5.05% 5.27% 5.59% 5.89% 6.00%

Invesco S&P International Developed Low Volatility ETF 3.14% 3.97% 4.48% 4.97% 5.09% 5.40% 5.67% 5.85% 5.90%

iShares Core MSCI Emerging Markets ETF 1.70% 1.89% 2.13% 2.21% 2.27% 2.47% 2.57% 2.72% 2.77%

Invesco S&P Emerging Markets Low Volatility ETF 0.75% 1.00% 1.11% 1.00% 1.19% 1.20% 1.25% 1.40% 1.27%

iShares Edge MSCI Min Vol Emerging Markets ETF 0.75% 0.93% 0.96% 1.18% 1.07% 1.23% 1.27% 1.30% 1.31%

iShares Core U.S. Aggregate Bond ETF 28.98% 27.14% 23.96% 19.88% 15.86% 11.64% 7.33% 3.07% –

iShares TIPS Bond ETF 6.86% 5.53% 4.29% 3.34% 2.80% 2.00% 1.28% 0.61% –

SPDR Bloomberg Barclays High Yield Bond ETF 3.35% 1.42% – – – – – – –

Vanguard Short-Term Bond ETF 4.10% 1.77% – – – – – – –

Vanguard Total International Bond ETF 3.35% 1.37% – – – – – – –

U.S.

Equ

ityIn

tern

atio

nal E

quity

Fixe

d In

com

e

As of 9/30/2019. Holdings exclude cash and cash-equivalents and are subject to change.

Current Holdings

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September 2019 Simplify your retirement planning

Holding 2020 2025 2030 2035 2040 2045 2050 2055 2060

iShares Core S&P Total US Stock Market ETF 18.53% 21.48% 24.55% 26.31% 28.28% 29.86% 31.59% 33.25% 34.45%

iShares Edge MSCI Min Vol USA ETF 6.05% 6.91% 8.00% 8.56% 9.32% 10.07% 10.65% 11.21% 11.98%

Invesco S&P 500 Low Volatility ETF 6.14% 7.01% 8.06% 8.70% 9.54% 10.03% 10.80% 11.51% 12.23%

Invesco S&P MidCap Low Volatility ETF 3.29% 3.95% 4.63% 4.91% 5.04% 5.30% 5.68% 6.03% 6.16%

Invesco S&P SmallCap Low Volatility ETF 1.62% 1.74% 1.99% 2.23% 2.18% 2.48% 2.49% 2.71% 2.88%

SPDR SSGA US Small Cap Low Volatility Index ETF 1.56% 1.87% 2.12% 1.97% 2.22% 2.39% 2.54% 2.66% 2.76%

iShares Core MSCI EAFE ETF 6.55% 8.03% 9.29% 9.77% 10.09% 10.66% 11.29% 11.79% 12.29%

iShares Edge MSCI Min Vol EAFE ETF 3.28% 3.99% 4.43% 4.97% 5.05% 5.27% 5.59% 5.89% 6.00%

Invesco S&P International Developed Low Volatility ETF 3.14% 3.97% 4.48% 4.97% 5.09% 5.40% 5.67% 5.85% 5.90%

iShares Core MSCI Emerging Markets ETF 1.70% 1.89% 2.13% 2.21% 2.27% 2.47% 2.57% 2.72% 2.77%

Invesco S&P Emerging Markets Low Volatility ETF 0.75% 1.00% 1.11% 1.00% 1.19% 1.20% 1.25% 1.40% 1.27%

iShares Edge MSCI Min Vol Emerging Markets ETF 0.75% 0.93% 0.96% 1.18% 1.07% 1.23% 1.27% 1.30% 1.31%

iShares Core U.S. Aggregate Bond ETF 28.98% 27.14% 23.96% 19.88% 15.86% 11.64% 7.33% 3.07% –

iShares TIPS Bond ETF 6.86% 5.53% 4.29% 3.34% 2.80% 2.00% 1.28% 0.61% –

SPDR Bloomberg Barclays High Yield Bond ETF 3.35% 1.42% – – – – – – –

Vanguard Short-Term Bond ETF 4.10% 1.77% – – – – – – –

Vanguard Total International Bond ETF 3.35% 1.37% – – – – – – –

Fund Facts 2020 Fund 2025 Fund 2030 Fund

Ticker: TNIIX TNJIX TNKIXCUSIP: 68259P 307 68259P 703 68259P 869ISIN: US68259P3073 US68259P7033 US68259P8692

2035 Fund 2040 Fund 2045 Fund

Ticker: TNLIX TNNIX TNOIXCUSIP: 68259P 828 68259P 778 68259P 737ISIN: US68259P8288 US68259P7785 US68259P7371

2050 Fund 2055 Fund 2060 Fund

Ticker: TNWIX TNQIX TNXIXCUSIP: 68259P 687 68259P 646 68259P 596ISIN: US68259P6878 US68259P6464 US68259P5961

Investment Minimum* $1,000,000 for certain institutions and individuals � $1,000 for certain employees (or their immediate family members) of

AXA Financial or its subsidiaries � Class I Shares are available to clients of registered investment advisers

who have $250,000 invested in the Fund* Read the Prospectus for more information.

Objective of the 1290 Retirement FundsThe funds seek the highest total return over time consistent with the current asset mix while managing portfolio volatility. Total return includes capital growth and income.

Quarterly Performance1 Month 3 Month YTD 1 Year SI1

1290 Retirement 2020 – Class I (NAV) 0.70% 1.78% 13.14% 7.02% 6.89%S&P Target Date 2020 Index2 0.91% 1.16% 11.83% 4.57% 6.23%Morningstar Target-Date 2020 Category Average3 0.56% 1.04% 11.83% 5.02% 5.87%1290 Retirement 2025 – Class I (NAV) 0.95% 1.74% 14.29% 6.91% 7.59%S&P Target Date 2025 Index2 1.18% 1.03% 12.77% 3.96% 6.69%Morningstar Target-Date 2025 Category Average3 0.77% 0.93% 12.91% 4.54% 6.57%1290 Retirement 2030 – Class I (NAV) 1.21% 1.82% 15.21% 6.74% 7.96%S&P Target Date 2030 Index2 1.46% 0.87% 13.77% 3.23% 7.09%Morningstar Target-Date 2030 Category Average3 1.00% 0.76% 13.83% 3.85% 6.92%1290 Retirement 2035 – Class I (NAV) 1.37% 1.80% 15.58% 6.46% 8.22%S&P Target Date 2035 Index2 1.73% 0.72% 14.60% 2.52% 7.44%Morningstar Target-Date 2035 Category Average3 1.27% 0.56% 14.68% 3.09% 7.45%1290 Retirement 2040 – Class I (NAV) 1.45% 1.71% 16.13% 6.21% 8.56%S&P Target Date 2040 Index2 1.91% 0.59% 15.13% 2.09% 7.69%Morningstar Target-Date 2040 Category Average3 1.46% 0.37% 15.14% 2.50% 7.50%1290 Retirement 2045 – Class I (NAV) 1.61% 1.69% 16.62% 5.95% 8.82%S&P Target Date 2045 Index2 2.01% 0.53% 15.39% 1.83% 7.80%Morningstar Target-Date 2045 Category Average3 1.61% 0.27% 15.65% 2.10% 7.81%1290 Retirement 2050 – Class I (NAV) 1.77% 1.69% 17.22% 5.76% 9.15%S&P Target Date 2050 Index2 2.07% 0.47% 15.51% 1.59% 7.89%Morningstar Target-Date 2050 Category Average3 1.64% 0.22% 15.74% 1.99% 7.68%1290 Retirement 2055 – Class I (NAV) 1.85% 1.68% 17.78% 5.55% 9.42%S&P Target Date 2055 Index2 2.10% 0.46% 15.55% 1.57% 7.95%Morningstar Target-Date 2055 Category Average3 1.69% 0.20% 15.86% 1.84% 7.93%1290 Retirement 2060 – Class I (NAV) 1.93% 1.67% 18.04% 5.53% 9.56%S&P Target Date 2060 Index2 2.10% 0.45% 15.69% 1.56% 8.07%Morningstar Target-Date 2060 Category Average3 1.70% 0.17% 16.07% 1.87% 7.98%

As of 9/30/2019.

Expense RatiosFund Gross Expense Ratio Net Expense Ratio4

1290 Retirement 2020 - Class I Shares 3.98% 0.65%1290 Retirement 2025 - Class I Shares 3.30% 0.65%1290 Retirement 2030 - Class I Shares 4.76% 0.65%1290 Retirement 2035 - Class I Shares 4.00% 0.65%1290 Retirement 2040 - Class I Shares 5.31% 0.65%1290 Retirement 2045 - Class I Shares 4.95% 0.65%1290 Retirement 2050 - Class I Shares 5.21% 0.65%1290 Retirement 2055 - Class I Shares 5.28% 0.65%1290 Retirement 2060 - Class I Shares 5.28% 0.65%

As of 3/1/2019.Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month–end performance data please call (888) 310–0416.

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September 2019 Simplify your retirement planning

Here’s how a 1290 Retirement Fund can simplify your retirement planning:

Funds include a target retirement date, from 2020 to 2060, in five-year intervals. Just choose the one closest to the date you expect to start retirement.

Choosing a fund is easy.

To keep your holdings well diversified, each fund includes a mix of asset classes and securities. While diversification doesn’t assure a profit or protect against loss, it can help to smooth ups and downs in portfolio performance.

Instant diversification.

At any given time, a fund will have a specific model asset allocation (ex: 40% stocks, 60% bonds). Changes in the market can cause these allocations and specific holdings to become overweighted or underweighted (stocks may go from 40% to 45%, bonds may go from 60% to 55%). The portfolio manager aims to keep each funds’ holdings aligned with the model allocations, so if shifts occur, the manager will bring the allocation back into alignment. This helps keep your strategy on track through changing markets.

Automatic rebalancing.

The 1290 Retirement Funds invest in exchange-traded funds (ETFs). ETFs are baskets of securities that trade like stocks and track market indices. Many investors like ETFs because they are transparent, so you can see the underlying investments and prices, and they are easily traded, with attractive pricing compared to actively managed stock portfolios.

You’re investing in ETFs.

The 1290 Retirement Funds may invest in low volatility ETFs. These ETFs include equity securities whose prices tend to be more consistent, with fewer swings up and down than you might see in the broad market. This lets you capture a portion of the return in both rising and falling stock markets, and can give you the potential for growth, with lower volatility, so you can feel confident staying invested.

Some of the ETFs are designed to help manage volatility.

September 2019 Portfolio Managers

1-888-310-0416 www.1290funds.com

One cannot invest directly in an index.Returns for periods of less than one year are not annualized.1 Funds inception date of February 27, 2017.2 The S&P Target Date® Index Series comprises eleven multi–asset class indices,

each corresponding to a particular target retirement date. The asset allocation for each index in the series is determined once a year through survey of large fund management companies that offer target date products. Each index is fully investable, with varying levels of exposure to equities, fixed income and commodities.

3 Morningstar Target Date Portfolios Category: Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.

4 Pursuant to a contract, 1290 Asset Managers® has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2020 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of the Fund’s business) do not exceed an annual rate of average daily net assets of 0.65% for Class A shares, Class T shares, Class I shares and Class R shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers® at any time after April 30, 2020.

An investment in the Funds will not ensure that an investor will have assets sufficient to cover retirement expenses or that an investor will have enough saved to be able to retire in, or within a few years of, the target year identified in the Funds' names. Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences

between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security value and it may take more time to clear and settle trades. Equity securities involve the risk that the value of the securities may fluctuate, sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. Fixed income investments are subject to interest rate risk so that when interest rates rise, the prices of fixed income securities can decrease and the investor can lose principal value. To the extent the Funds invest in Underlying ETFs, the Funds will be subject to the risks associated with the securities and other investments in which the Underlying ETF invests and the ability of a Fund to meet its investment objective will directly depend on the ability of the Underlying ETFs to meet their investment objectives. In addition, the use of volatility management techniques by the Underlying ETF may limit a Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high.Diversification does not eliminate the risk of experiencing investment losses.An investor should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-888-310-0416 or download the file from www.1290funds.com. Read the prospectus carefully before you invest.1290 Funds is part of the family of mutual funds advised by AXA Equitable Funds Management Group, LLC (FMG, LLC), doing business in this instance as 1290 Asset Managers. FMG, LLC is a wholly owned subsidiary of AXA Equitable Life Insurance Company (AXA Equitable), NY, NY. AXA Distributors, LLC is the wholesale distributor of the 1290 Funds. AXA Advisors, LLC (member FINRA, SIPC) offers the 1290 Funds to retail investors.1290 Funds® is a registered service mark of AXA Equitable Life Insurance Company, New York 10104.The Funds are distributed by ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver CO 80203, which is not affiliated with FMG, LLC, AXA Equitable, AXA Distributors, AXA Advisors or the subadvisers. © 2019 AXA Equitable Life Insurance Company. All rights reserved.1290 Avenue of the Americas, New York, NY 10104AXA000759 (1/31/20)

Risks:

Xavier Poutas, CFA®Assistant Portfolio Manager of 1290 Asset ManagersXavier Poutas is an Assistant Portfolio Manager of 1290 Asset Managers. Mr. Poutas joined the company in October 2004 as a Fund Administrator and transferred to the Asset Allocation team within the Investment Management Services group in June 2007. Mr. Poutas assists in portfolio analysis, rebalancing and portfolio performance evaluation with respect to the Allocation Portfolio's ETF Investments. Mr. Poutas received his MS in Accounting and Finance from the University of Nantes (France) in 2000 and his B.B.A. in Accounting and Finance in 1999 from Ecole Superieure des Sciences Commerciales d'Angers (France). Mr. Poutas is a CFA® charterholder.

Miao Hu, CFA®, CAIA®Assistant Portfolio Manager of 1290 Asset ManagersMiao Hu is an Assistant Portfolio Manager of 1290 Asset Managers. She has served as a portfolio manager of 1290 Asset Managers since April 2016. Ms. Hu has also served as a member of the portfolio analytics team since November 2013. Before joining the company, Ms. Hu was a Financial Services Sector Specialist at FactSet Research Systems from January 2012 to November 2013 and a Senior Research Analyst at Strategic Insight from February 2008 to December 2011. Ms. Hu received her M.S in Communications from University of Ulster, Northern Ireland, UK in 2003. Ms. Hu is a CFA® charterholder and CAIA® member.

Kenneth T. Kozlowski, CFP, CLU, ChFCChief Investment Officer of 1290 Asset ManagersKenneth Kozlowski, Chief Investment Officer of 1290 Asset Managers, leads a dedicated team responsible for asset allocation and rebalancing functions used in connection with the 1290 Funds®. In 2010, Mr. Kozlowski became the head of the Investment Management Services ("IMS") unit within 1290 Asset Managers. IMS includes the Portfolio Analytics Group, which is responsible for sub-adviser selection, screening and monitoring. Mr. Kozlowski, who joined the company in 1999, has more than 25 years' experience in the mutual fund business. He is a Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), and a Chartered Financial Consultant (ChFC). He holds memberships in the Financial Planning Association and the Society of Financial Service Professionals. Mr. Kozlowski graduated from Swarthmore College in Swarthmore, PA with a B.A. in Economics.

Alwi Chan, CFA®Deputy Chief Investment Officer of 1290 Asset ManagersAlwi Chan is the Deputy Chief Investment Officer of 1290 Asset Managers. Mr. Chan is head of 1290 Asset Manager's Portfolio Analytics team. Mr. Chan joined AXA Financial in June 1999, having previously worked at D.E. Shaw & Co. and Arthur Anderson. He holds a Bachelor of Economics from Trisakti University in Jakarta, Indonesia and an MBA from Tulane University. Mr. Chan is a CFA® charterholder.

CFA is a registered trademark of the CFA Institute. CAIA is a registered trademark of the Chartered Alternative Investment Analyst Association.